TaxTMI 
TaxTMI 
Forward cover for Foreign Institutional Investors – Rebooking of cancelled contracts
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....- Rebooking of cancelled contracts Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No.50 dated November 16, 2002 read with A. P. (DIR Series) Circular No. 63 dated December 21, 2002 and Regulation 5 of Notification No.FEMA.25/RB-2000 dated May 3, 2000, as amended from time to time. In terms of para 1(b) of Schedule II to the Notificati....
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....ncelled contracts, it has been decided to link the rebooking of cancelled contracts to the portfolio value. Further, keeping in view the size of the market in India and the large positions held by FIIs, it has been decided to implement the flexibility for rebooking cancelled contracts in a gradual and phased manner. 3. Accordingly, AD Category - I banks may allow FIIs to cancel and rebook forwar....
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....n ibid, remain unchanged. The scheme will be reviewed on an ongoing basis. 5. In order to reflect these changes a revised reporting format is being introduced. The AD Category - I banks are advised to report the outstanding forward covers taken by their FII clients in the revised format annexed. 6. AD Category - I banks may bring the contents of this circular to the notice of their constituents ....